Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 12:55, 31 October 2024

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I've had clients ask me attempt and to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) features to boost to do such what. Just like your employer is needed to send a W-2 to you every year, a lender is necessary send 1099 forms each borrowers that debt understood. That said, just because lenders will need to send 1099s doesn't mean that you personally automatically will get hit using a huge government tax bill. Why? In most cases, the borrower is really a corporate entity, and you are just an individual guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 dealing with your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be capable of to explain how a 1099 would manifest itself.

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No Fraud - Your tax debt cannot be related to fraud, to wit, you will need to owe back taxes when you failed expend them, not because you played funny on your tax return.

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Clients in order to be aware that different rules apply once the IRS has now placed a tax lien against children. A bankruptcy may relieve you of personal liability on a tax debt, but in many circumstances won't discharge a suitably filed tax lien. After bankruptcy, the government cannot chase you personally for the debt, nevertheless the lien remains on any assets an individual will stop being able provide these assets without satisfying the outstanding lien. - this includes your housing. Depending upon the lien and when filed, there may be other new to attack the validity of the lien.